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RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of July 23, 2019 No. PP-4400

About measures for increase in availability of microfinancial services

(as amended on 26-04-2023)

Note that the taken measures for enhancement of the legal basis and simplification of allowing procedures for the organization of activities of non-bank credit institutions, and also on involvement of commercial banks in process of microfinancing promoted considerable expansion of amounts of rendering microfinancial services in the republic.

At the same time the international experience of regulation of the sphere of microfinancing testifies to need of expansion of capacity of credit institutions for satisfaction of the growing requirement of the population and subjects of entrepreneurship in microfinancial services.

With respect thereto, improvement of the legislation, implementation of the best the practician of microfinancing, including possibility of remote servicing, expansion of line of the rendered services, the prevention of formation of excessive debt load of the population, increase in financial literacy of the population, financial availability and consumer protection of these services shall become the urgent areas of work on further enhancement of the sphere of microfinancing in the republic at the present stage.

For the purpose of creating favorable conditions for further development of the sphere of microfinancing, and also according to the tasks determined by the Presidential decree of the Republic of Uzbekistan of January 8, 2019 No. UP-5614 "About Additional Measures for Ensuring Further Development of Economy and Increase in Efficiency of Economic Policy":

1. Take into consideration that technical assistance of the World Bank in development of National strategy of increase in the financial availability (further - National strategy) providing components of expansion of availability of financial services, increase in financial literacy of the population and subjects of entrepreneurship, consumer protection of financial services taking into account the best international practices in this sphere is attracted with the Central bank of the Republic of Uzbekistan.

2. Form Coordination council in structure according to appendix No. 1, having determined it by development and the subsequent realization of National strategy of increase in financial availability the main objectives:

ensuring the coordinated interaction of the responsible ministries and departments behind the course of realization of National strategy with acceptance in need of operational measures for accomplishment of planned activities;

the organization of effective interaction with the international financial institutions, the foreign government financial organizations, expert community and mass media concerning realization of National strategy, carrying out for this purpose seminars, "round tables", conferences and other actions.

3. To coordination council (Kuchkarov D. A.):

in a month to approve the plan of practical measures for accomplishment until the end of 2019 of the actions specified in Item 2 of this resolution and also to monthly introduce information on the course of implementation of the plan in the Cabinet of Ministers and Administration of the President of the Republic of Uzbekistan;

till January 1, 2020 to introduce to the Cabinet of Ministers of the Republic of Uzbekistan the draft of the government decision "About approval of National strategy of increase in financial availability".

4. To Central Bank of the Republic of Uzbekistan:

till January 1, 2020 with assistance of profile international experts to conduct researches and surveys for the purpose of objective assessment of condition of level of financial literacy of the population and financial availability;

strengthen interaction with Alliance of financial inclusivity and Central Banks of foreign countries for enhancement of financial availability.

5. Ceased to be valid according to the Presidential decree of the Republic of Uzbekistan of 26.04.2023 No. UP-62

6. Ceased to be valid according to the Presidential decree of the Republic of Uzbekistan of 26.04.2023 No. UP-62

7. Enter procedure according to which it is forbidden:

issuance of credits (loans) to physical persons and accounting of their obligations on the credits (loans) in foreign currency;

acceptance by non-bank credit institutions from physical persons as proof of residental real estate, in ensuring short-term microfinancial services;

rendering new microfinancial service to physical person in the presence of outstanding overdue debt on earlier obtained credits (loans).

8. To Central Bank of the Republic of Uzbekistan till:

On September 1, 2019 to simplify requirements for technical equipment of buildings and cash premises of microcredit institutions taking into account modern realities, the international experience and enhancement of methods of rendering microfinancial services;

On October 1, 2019 to approve methodology of calculation and admissible measure values of debt load of the borrower - physical person on the credits (loans), and also regulations on control of growth of debt load of physical persons, including on the maximum day interest rate;

On November 1, 2019 to approve the procedure for rendering remote services by credit institutions providing availability of adequate risk management, obligatory receipt of credit information from credit bureaus, safety and going concerns;

On December 1, 2019 together with the Ministry of Internal Affairs of the Republic of Uzbekistan to implement the mechanism of remote identification by credit institutions of the physical person which earlier underwent primary identification in commercial bank.

9. To Central Bank, the Ministry of development of information technologies and communications, the Ministry of Justice, the Ministry of Internal Affairs of the Republic of Uzbekistan till December 1, 2019:

provide the integration of the database SUE Zalogovy reestr under the Central bank with databases of the Ministry of Justice and Ministry of Internal Affairs of the Republic of Uzbekistan providing expansion of access of credit institutions regarding imposing, removals of prohibition and verification of the status of the pledged personal estate on microfinancial services;

develop and make in the Cabinet of Ministers offers on the changes and amendments in the legislation providing cancellation of the obligatory notarial certificate of the agreement of pledge on microfinancial services and possibility of entering by credit institutions of the corresponding records into the database of the mortgage register with simultaneous reflection of information in databases of the Ministry of Internal Affairs and Ministry of Justice of the Republic of Uzbekistan.

10. To Central Bank of the Republic of Uzbekistan till November 1, 2019, proceeding from the analysis of influence of the regulations established by this resolution and also expert opinions of profile international financial institutions and the foreign government financial organizations to develop and introduce to the Cabinet of Ministers the bill of the Republic of Uzbekistan "About non-bank credit institutions", providing including:

organization-legal bases of activities of non-bank credit institutions;

determination of admissible types of the financial operations performed by non-bank credit institutions;

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